Having identified related party transactions, the auditor should:
A)Confirm the terms and amounts of the transactions with the related parties.
B)Inform the audit committee in writing.
C)Consult with a fraud specialist to consider extended procedures.
D)Consider including an emphasis of matter paragraph in the audit opinion.

Question

Quizplus · Accepted Answer

The auditor should confirm the terms and amounts of related party transactions with the related parties to ensure their accuracy and completeness as part of the audit procedures.

Having Identified Related Party Transactions, the Auditor Should